International Public Partnerships taps market with £52m in shares

INFRASTRUCTURE investment company International Public Partnership (IPP) said yesterday it had raised £52m through a rights issue, with proceeds going to pay down some of its debts.

IPP issued 46.43m shares to the market at 112.017p each – a 1.3 per cent premium over their net asset value at the end of June.

The company will pay down its existing £100m corporate facility, which is currently £60m drawn.

“The funds raised from shareholders will allow the company to substantially pay down its existing corporate facility,” said chairman Keith Dorrian.

“It will enable it to continue to take advantage of a strong pipeline of long-term investment opportunities,” he added.